2018 Economic Calendar
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Existing Home Sales  
Released On 4/23/2018 10:00:00 AM For Mar, 2018
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.540 M5.513 M5.390 M to 5.800 M5.600 M
Existing Home Sales - M/M Change3.0 %1.1 %
Existing Home Sales - Yr/Yr Change1.1 %-1.2 %

Highlights
Supply is coming into the market and sales are improving. At the same time, sellers are getting what they're asking. Existing home sales rose 1.1 percent in March to a stronger-than-expected 5.600 million annualized rate. Supply on the market jumped 5.7 percent in the month to 1.670 million units to lift supply relative to sales to 3.6 months from 3.4.

The median price rose 3.9 percent in March to $250,400 which is up 5.8 percent year-on-year and roughly tracking at the FHFA and Case-Shiller rates, in data that will be updated tomorrow.

The West is out front in sales growth though sales in March did dip. The Northeast remains the tail ender.

Though March is solid, resale trends aren't that strong, evidenced by the year-on-year rate which is in the negative column at minus 1.2 percent. Watch for new home sales tomorrow where March strength is also the call.

Consensus Outlook
At a consensus decline from a 5.540 million annualized rate to a 5.513 rate, existing home sales in March are not expected to extend February's bounce higher. Supply on the market has been well below demand and has been lifting prices and holding down sales.

Definition
Existing home sales tally the number of previously constructed homes, condominiums and co-ops in which a sale closed during the month. Existing homes (also known as home resales) account for a larger share of the market than new homes and indicate housing market trends.  Why Investors Care
 
[Chart]
Existing home sales reached a peak in mid-2005. Sales picked up during the recovery until a slower economy cut into sales in late 2013 and early 2014. But over much of the recovery, lift came from the Fed's quantitative easing to lower mortgage rates. Mortgage rate shown is rate on 30-year conventional mortgages.
Data Source: Haver Analytics
 
 

2018 Release Schedule
Released On: 1/242/213/214/235/246/207/238/229/2010/1911/2112/19
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


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